Singapore and Malaysia signal agreements to deepen cooperation in digital, inexperienced financial system

SINGAPORE – Singapore and Malaysia have agreed to strengthen bilateral cooperation and collectively seize alternatives within the digital financial system and inexperienced financial system, and to work carefully on knowledge safety and cyber safety.

Prime Minister Lee Hsien Loong and Malaysian Prime Minister Anwar Ibrahim witnessed the signing of three agreements protecting these fields on Monday, throughout Datuk Seri Anwar’s first official go to to the Republic since he was sworn in as Malaysia’s 10th PM on Nov 24.

Two agreements have been signed between the Ministry of Commerce and Business and Malaysia’s Ministry of Worldwide Commerce and Business to cooperate in the digital economy and the green economy.

As Malaysia’s first inexperienced financial system settlement signed with any nation, the partnership is anticipated to strengthen collaboration to decarbonise each nations’ industries and assist companies and employees seize alternatives within the inexperienced financial system. 

The agreements will see the 2 neighbours deepen cooperation in areas such because the setting of requirements and the deployment of charging factors for electrical autos, and collectively discover initiatives in low-carbon options, particularly hydrogen and carbon seize, utilisation and storage. The 2 sides may also trade data on carbon markets, discover collaboration between their corporations in carbon credit initiatives, and take a look at growing new and renewable energy-related know-how requirements to assist home and regional decarbonisation.

The digital financial system framework of cooperation will search to boost cooperation past what’s spelt out within the Complete and Progressive Settlement for Trans-Pacific Partnership and the Regional Complete Financial Partnership, two commerce agreements that each Singapore and Malaysia are signatories to.